Your offer to purchase has been accepted. You've reviewed your mortgage options and now you need to finalize your mortgage agreement. Here is some of the paperwork you may need to bring with you to complete your home financing
Confirming Your Down Payment
▢ 1. Your CIBC Pre-Approved Mortgage Certificate, if applicable
▢ 2. Confirmation of your down payment. This may include
▢ Borrowed funds
▢ Withdrawal from RRSP through the Home Buyer's Plan
▢ If the down payment is cash from your own resources, 3 months of bank statements are required showing the accumulation of the down payment
▢ If the funds are coming from the sale of another property, include a copy of the sale agreement, including all schedules and appendices. If there is a mortgage statement confirming the mortgage balance. If the property is in Quebec, include a copy of the mortgage approval obtained by the buyers of the property
▢ 3. List of Assets and Liabilities
▢ 4. Bank Account Number and Transit Number for Payments
▢ 5. Confirmation of 1.5% in Available Funds on Top of the Down Payment for Closing Costs for High-Ratio Mortgages(Insurer Requirement)
Confirming Your Employment and Income
▢ 1. Confirmation of Your Current Employment and Income
For salary or full-time this may include
▢ Most recent directory deposit (EFT) payments (dated within the last 45 days) and EFT history printout showing EFTs for the last 6 months
▢ Most recent pay stubs (dated within the last 45 days) and one of the following
▢ Employment Letter
▢ Most Recent T4
▢ Previous Year-End Stub
▢ Most Recent Federal or Quebec Notices of Assessment (NOA)
For fluctuating income this may include:
▢ 2 Most Recent Years Federal or Quebec Notices of Assessment (NOAs)
▢ Most Recent Pay Stubs (dated within the last 45 days
▢ Most Recent Direct Deposit (EFT) (dated within the last 45 days)
▢ Copy of the Most Recent Employment Insurance (EI) Statement (dated within the last 45 days)
For Self-Employed Income This May Include
▢ Copy of the First 4 Pages of Last Two Years Filed T1 General Income Tax Return and the Two Related Federal or Quebec Notices of Assessment (NOAs)
▢ Financial Statements for the Last Two Years (if credit is not auto-approved), For Limited Companies Only
Information About Your Property
▢ 1. A Signed and Complete Copy of the Accepted Purchase and Sale Agreement, Including All Schedules and Appendices
▢ 2. A Copy of the Real Estate Listing with Photo
▢ 3. Heating Costs, Property Tax Estimates and Condo Fees (available through your NPG Realtors®)
▢ 4. Full Address of Property, Including Legal Description and Postal Code
▢ 5. Name, Address, Postal Code, Telephone, and Fax Number of Your Lawyer/Notary
Please keep in mind that the information contained within this article is general only. It is not intended as specific investment, financial, accounting, legal, or tax advice for any individual. If you have any questions at all, I would love to hear from you. As always, I am more than happy to offer my advice to you, and to let you know where you stand with your current mortgage possibilities. Feel free to either call me directly, or fill out the form below and I'll get back to you as soon as I can.
Wishing you the very best,
CIBC Mobile Mortgage Specialist
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